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Report Shows Consumer Confidence Is The Highest It Has Been In Seven Years

Research carried out by YouGov and the Centre for Economics and Business Research (CEBR) has shown that consumer confidence is the highest it’s been in almost seven years.

Year-on-year improvements in the number of employees getting pay rises, bonuses, promotions and new jobs have all resulted in economic optimism in Britain.

The number of people that have received a pay rise, promotion or bonus in the last year now (May 2014) sits at 45% - 4% higher than in 2013 (41%) and 5% up on 2012’s figure (40%).

The number of people starting new jobs has followed a similar pattern too. There was just a 1% increase in this area from May 2012 (15%) to May 2013 (16%), but a 3% boost over the last year has seen the May 2014 figure rise to 19%.

YouGov’s Household Economic Activity Tracker has displayed fewer redundancies in the last 12 months as well:

May 2012 – 27%

May 2013 – 28%

May 2014 – 23%

The YouGov and CEBR Consumer Confidence Index (CCI) has also reached 113.9 points – the highest it’s been since July 2007.

CCI figures rose by +0.09 points last month alone and by 12.7 points in the last year. The current total is just 1.7 points below its highest ever level - which was recorded in April 2007.

Director at CEBR, Charles Davis, explained the findings were good news for the economy because rising incomes will equate to increases in consumer spending.

Stephen Harmston, Head of Syndicated Research at YouGov, expects consumer confidence will go beyond pre-recession peaks this summer and allow the economy to “escape velocity.”

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